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of <h1>Interest Rates Under Section 50 of CGST Act: Up to 18% for Late Tax Payments, 24% for Wrong ITC Use</h1> Section 50 of the Central Goods and Services Tax Act, 2017 mandates interest on delayed tax payments. Taxpayers failing to pay taxes on time must pay interest, up to 18%, as notified by the government. Interest is calculated from the day after the tax was due. If input tax credit is wrongly availed and used, interest up to 24% is applicable. Interest on tax declared late in returns is payable on amounts paid via the electronic cash ledger, unless proceedings under certain sections have commenced.
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